Ep 67: Brad Gerstner on the AI Supercycle & Restoring Faith in Capitalism
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- čas přidán 24. 10. 2023
- Follow Joe / jtlonsdale & find his writings here: blog.joelonsdale.com/
Nearly half of all Americans don't have investment accounts. Financial literacy is the exception, not the norm, in most households. Is it no wonder that so many young Americans distrust capitalism and misunderstand wealth creation?
Brad Gerstner is stepping up with a solution: a legislative program called Invest America that would create an investment account seeded with $1,000 from the Treasury Department for each of the 3.7 million children born every year in the U.S. His aim is to educate the next generation on the merits of free markets and give every child a financial upside in American innovation. With nominal recurring contributions starting at birth, a child turning 30 today would have over $250,000 in an Invest America account!
Brad is the Founder and CEO of Altimeter Capital, a firm he grew from less than $3 million in 2008 to billions of dollars in assets under management today. A leading voice in Silicon Valley, Brad is a four-time founder with a knack for identifying major trends early, from Booking.com and Zillow to Uber and Bytedance to Snowflake and Mongo. In this episode, he provides his macro outlook on the economy and explains why he believes AI is the next big supercycle but also why being early in a cycle isn't always the right play. - Věda a technologie
Good talk! - Excellent insights.
Solid exchange. Thanks!
Excellent 🎉 The DIY spirit of this country really shines through in this episode. We need to remember, there’s no second option (of a place similar to USA) if USA doesn’t work. This country must work. We must make it work.
Brad please take your ideas to Javier Milei in Argentina! He would love to implement something like Invest America for Argentina. The fight against socialism is a worldwide fight!
This is such an excellent episode
I love how its aged. Its as prescient now as it was 2 months ago before we knew 2024 was another bat shit crazy year
Love the Invest America program! Singapore has done something similar and been hugely successful (little poverty there). With AI coming fast, we need this asap (vs. UBI only as Brad brought up)
Excellent watch. Thank you both! Loved the callout on Palantir as well!
Shot out to all my pltr junkies.
Great interview! 👏🏼👏🏼.
Brad is amazing.
this pod deserves more subs!
Thanks! Help us spread the word 🙌
@@AmericanOptimist np already told my friends
Great ideas. Make them happen.
Fantastic episode!
Great exchange, would have watched this for another hour.
Thanks! Glad you enjoyed it!
Great interview
Joe - much respect with what you did with PLTR. I sold out of PLTR recently due to the support of Israel and Genocide (that's another topic but one I will always mention.) BUT, I have a very high degree of respect for you and what you have done with your career. Really love your channel and the interviews you have been doing.
Regardless of my falling out with Karpetto, that interview you did last year with him was excellent. Appreciate what you're doing regardless of whether or not we agree on certain topics.
Thank you
I bought all your shares, thanks.
Take them. I sleep much better at night. It's good knowing you care more about $ than you do your morals. Another person to stay away from@@kenngo4851
Epic.
Sounds like every other American is crying and Brad just came up with a solution. I would love for him to discuss this on the All In podcast and get all his besties on board. This sounds like a great idea. We'll own our own debt instead of foreign countries. I love it.
Great pod! Would be even better with time stamps
You really need to add chapters to your videos..
In Palantir Tech we trust!!! $PLTR long.
I like this idea of "Invest America account" for every citizen. The way Brad explains: it wouldn't cost the Fed government an inordinate amount but the social and economic would be outsized. It's such a novel and pragmatic idea for which I have no faith our government would want to do. Maybe this guy should run for office to get it done.
His idea is nothin' but a stimulus package for corporations. Only thing novel about it is that he's calling it "Invest America". Attempts to fleece Americans continue...
@@howiseeithowdoyouseeit1263 your assessment is uninformed and incorrect. The idea is the federal government would deposit $1,000 in an investment account for every new born American child. The account would be invested in the something like an S&P 500 Index fund, would grow tax free and allow periodic contributions helping to grow it. This does not represent "a stimulus package for corporations" in any conceivable way.
@@howiseeithowdoyouseeit1263its just a matter of having something like a 401k since you are born, instead of starting one when u get your first job. Its about 22 years of more compounding
@@warrenhurley4148 Great, it's uniformed! Can you clarify the source of the $1K per child per year? Last I checked, government money, is taxpayer money. If his estimate of 3.7M children born annually is accurate, that's a $3.7B yearly expense (tax payer money) we can't afford, increasing the deficit. Money invested in the S&P benefits corporations, essentially corporate welfare in disguise. Am I missing something?
@@warrenhurley4148 - Capitalists understand all money flows back into their pockets in the long run, so the feel good idea is essentially a subsidized investment (from tax payers) for their benefit in the future. I support capitalism 100% but not subsidized capitalism to enrich the already wealthy. This is chronie capitalism with woke wrapping paper.
invest america is brilliant
everyone who has summat got a cash headstart
Guy explains that urgent government action is required to ameliorate that impact of capitalism on ordinary Americans, touts the opportunities that mass redundancies will offer investors from around 2025 onwards; concludes that American capitalism is a joy.
There is no rising standard of living without doing more with less.
And capitalism did all the inventions and resources that dramatically improved lives in the US and in every country that allowed property rights and innovation.
We have massive government interventions into the economy these days. Central planning with interest rates and bailouts that tax the viable businesses to bail out foolish gamblers.
We used to be 80% capitalist. Now it’s more like 20%.
@@albeit1 "capitalism did all the inventions" - actually no, inventions are usually done in research labs funded by governments, these days anyway. How it worked before modern era one can read about. Capitalism excels in monetizing inventions, which is a totally different thing, although if there is a clear sight of profits to be made out of an abstract invention, corporate labs can work that out too. It would be a nice symbiotic cooperation, but you also mentioned "property rights" - IP I understand? - and that's strictly against real progress, spoiling the idea.
@@KvikDeVries there is no funding by government. There is only funding with taxes paid for by the private sector.
Count the number of inventions and the amount spent.
If you do that for NASA’s 2,000 inventions, you’ll see that they spent 600 million in inflation-adjusted dollars PER INVENTION.
All of that was taxpayer dollars, DIVERTED from what people actually preferred to spend their money on.
But enough about ignoring opportunity costs.
@@albeit1 well back then they built hospitals and towns and schools. nowadays they buy a new ferrari so that capitalist success doesnt trickle down any more
@@PazLeBon back then when?
Are you saying Gates hasn’t tried to eradicate malaria and polio and Zuckerberg doesn’t contribute money to hospitals and Warren Buffet hasn’t pledged his fortune to the Gates Foundation? They’re really just spending it all on Ferraris?
Unless stocks don't go up for 20 years because yields are going up
If Social Security worked like Singapore’s forced savings, you’d end up with most people having a stake in capitalism. And more home ownership.
In Singapore, you can actually use your savings account to buy a home.
I put together a spreadsheet of what would happen if a minimum wage worker DIDN’T pay into Social Security. And invested in the market instead. Or in a mix of asset types.
Working for 40 years, he’d have between $200,000 and 300,000 in the bank.
Social Security actually DEPRIVES people of their own resources for decades. They can’t even invest their own money in a home.
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Yes, investing of any kind DEPRIVES you of accessing those funds you use to invest with. This isn't insightful at all.
@@charliewalter1274 not really. I have investments that I can sell anytime I want.
Any whitepaper on the 401k idea?
optimists for humanity simply haven't done the math, we are doomed, that is a fact.
That’s your belief.
The only shocking thing about people starting to be disillusioned about capitalism is how they go to the only thing they've heard of which can be considered "an alternative", and that's socialism. Having lived under both of the systems, knowing their strengths and weaknesses, this is like saying "we had enough of the flu, let's move to measles". This is serious withering of imagination, and it does very good job of hiding what is really the problem, and the only important metric: not right/left, but more or less control over what people think and can (are allowed to) do. That's the only scale that matters, and there are countries successfully mixing free market (less control) with social safety measures like public healthcare (which is a great thing - US "free market" approach is viewed as a horror story by everyone abroad), so... Anyway, the second thing that is so weird in this interesting interview, is that "free market capitalist democracy" being advocated. Of course if you are a winner in this system it is understandable that you like it and turn a blind eye to some inconvenient facts, but being a winner and talking about all this as a "game" means only that in this circus you happen to be a dog trainer, not a dog, and the audience is paying for all this. By the way it is physically impossible for everyone to win this game, which is one of the inconvenient facts.
So, "free market capitalist democracy" is weird thing, and it is weird because "free market", "capitalism" and "democracy" are three distinct entities with mutually exclusive goals. Mixing them in one sentence and treating as one thing is basically a lie. Free market is great as long as it means that everyone is not prohibited from participation - here I guess we fully agree. Capitalism would be benign, and kind of energy source, if it wasn't actively trying to undermine, cancel and abuse the free market it operates on. It is precisely like the Monopoly game - it starts relatively nice, but then capital and power accumulate in fewer and fewer hands and grow, and when certain corporate players get big enough they start to influence both free market and democracy. That's how the system works, and that's how it is supposed to work. It is not broken, as some naive zealots would like to claim. And people lose faith in it precisely because they see how it works. Free market and democracy can cooperate in principle, but under certain conditions, which competition (that comes with the freemarketcapitalism ideology) seeks to destroy. So, "free market capitalist democracy" is like a dysfunctional family, in which every member has bad influence over the rest, and cooperation between two happens almost exclusively against the third. Oh, and you are aware that dollars going to Ukraine are nothing but investment? Perfectly aligned with free market capitalism principles, where democracy is carefully abused by consent manufacturing? I'm all for helping Ukraine free its people and land from the invaders, but it would be nice if it was done only because it is a right thing to do.
lmao
all roads reach 😂here
Bicycles are for poor people
i call BS on his suggestion giving everyone a compounding stock account. If every american had a million usd in stocks, it would not be worth any. Government mandated stock buys wont increase productivity lol. This is just a UBI in a different flavor, only increasing his pocket to a higher degree
😂😂😂
Brad, love you. Just please don't quote Bill Gates! After what he's done with Cvd and around the world with vxs. Thanks
Yeah, vxs, that things that brought child death almost to zero are pure evil